Textbook Problem

Identify each of the following items relating to sections of a balance sheet as Current Assets (CA), Property and Equipment (PE), Current Liabilities (CL), Long-Term Liabilities (LTL), or Owner’s Equity (OE).

1. a. Accounts Payable
2. b. Equipment
3. c. Accounts Receivable
4. d. Prepaid Insurance
5. e. Mortgage Payable (current)
6. f. Office Supplies
7. g. Mortgage Payable (due in 3 years)
8. h. Unearned Rent
9. i. B. Marley, Capital
10. j. Notes Payable (due in 3 months)